Fifth Director Resigns From Ailing Sun S
John W. Ben resigned Thursday from the board of Sun Savings & Loan Assn., the fifth director to resign from the troubled company since June and the third in the last month.
Ben resigned because of “professional and personal commitments” that prevent him from concentrating on monitoring Sun’s compliance with federal regulatory restrictions, according to an official Sun announcement.
Ben was appointed a Sun director last February as part of a board restructuring following threats of a lengthy and costly proxy fight over the ouster of former Chairman and Chief Executive Daniel W. Dierdorff.
Ben’s resignation leaves Sun with only four directors--Chairman William McElroy, President John McEwan, local management consultant Ted Van Leeuwen and real estate brokerage firm owner Allan Koljonen.
Sun’s bylaws require that at least four members be present at all board meetings. If the entire board isn’t present at a meeting, then no quorum would exist and a meeting couldn’t be held.
Two other Sun directors, Walter Dozier and Richard Raimann, resigned last month for reasons similar to Ben’s. Director Clifford Lindroth resigned in November “to pursue other business interests,” and director Tad Fujita stepped down in June after it was revealed that he was convicted on two felony counts of conspiracy and attempted grand theft in 1973.
Sun is now trying to secure a much needed capital infusion to boost its quickly dwindling $1.27-million net worth, which is 0.3% of Sun’s $403 million in assets, far below the 3% level required by regulators.
